The claim function is a key factor in the overall competitiveness of insurance carriers. Claims represent a significant portion of an insurer’s balance sheet, consuming nearly 80 percent of the premium in the form of claim payments or processing costs. And claim service is where the insurer is put to the highest test of satisfying or disappointing its customers. Why then is the claim process at so many insurance companies broken? More importantly, how can it be transformed?

Carriers must improve the customer connection, reinvent the role of the claim professional, and implement a data-driven claim life cycle that can leverage information technology to bring maximum predictability, transparency, and profitability to the claim process. Three challenges face insurance companies on the path to high performance in claims:

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.